Steve | 2008 Taxes

Author Archives: Steve

IRS Tax Consequences If A Creditor Forgives Your Debt

August 10, 2010 – 10:32 pm

If a creditor writes off your debt, or even if you settle that debt with your creditor, the IRS may still count the amount as taxable income. If you work out a deal to settle with a creditor for any less money than the exact amount that you owe, or if the creditor writes off [...]

Posted in Debt Relief, irs, tax planning, tax return, turbotax | Tagged forgiven amount of the debt, forgiven debtor, irs debt, IRS Tax Consequences, Paying Taxes, Turbo Tax Federal Free Edition | Comments (2)

File Back Taxes

August 4, 2010 – 10:39 pm

The time has come and gone to file federal taxes and even if you haven’t yet filed with the IRS, it is still possible that backs taxes be filed for your benefit. Obviously, it’s best to pay off IRS back taxes as quickly as you can. The current approach of the government is to allow [...]

Posted in Tax Preparation, irs, tax credit, tax planning, tax return, turbotax | Tagged File Back Taxes, filling of taxes, paying irs back taxes, turbo tax, turbotax, www.irs.gov | Comments (1)

IRS Garnishment

July 20, 2010 – 11:11 pm

Sometimes things go wrong and you cannot make those payments. I know a case where a fellow student defaulted on his student loan payments and paid the penalty at the hands of the IRS. The IRS was actually able to prevent him from accessing his income tax refund. This went on until the student loan [...]

Posted in irs, tax credit, tax return, turbotax | Tagged income tax refund, IRS Garnishment | Comments (4)

Fast Tax Refund? Find out How

July 6, 2010 – 10:18 pm

Who would not want to have a tax refund straight away? Every tax payer would love to know that their income tax will be refunded soon. What is a tax refund by the way? It is when the tax you owe is less than the total amount of refundable tax credits claimed and the amount [...]